10 Sep, 2018 - New container rail freight links Marseilles, Le Havre and Lausanne

A NEW rail shuttle connecting the French container ports of Marseilles Fos and Le Havre with Lausanne has commenced operations as part of a joint initiative with intermodal operator Naviland Cargo. Each train will offer capacity of up to 42 TEU.

The France Helvetia Express service that makes three round trips per week will operate between Dijon Gevrey in mid-France - where rail shuttles serving each port will connect - and the Chavornay combined transport terminal near Lausanne, in Switzerland's French-speaking region, reported the American Journal of Transportation.

Only a fraction of the estimated potential Swiss containerised rail freight traffic of 350,000 to 400,000 TEU per year is currently handled by the French ports. Reduced transit times are expected to play a major role in winning greater market share, particularly for Mediterranean-routed trades via Marseille Fos and North/South America traffic through Le Havre.

The initiative is in line with the French government's policy to extend the port hinterlands into the heart of Europe through the development of eco-friendly combined transport services. The France Helvetia shuttle will provide annual capacity equivalent to 12,000 trucks.

Marseille Fos already offers 200 container shuttle options per week throughout France and also in northern Europe, notably through "fresh food corridors" with Zeebrugge, Rotterdam, Hamburg and Lubeck.

04 Sep, 2018 - China Logistics Property soars 88.5pc to US$29.1 million, sales up 65.2pc

HONG KONG warehouse provider China Logistics Property Holdings (CNLP) posted an 88.5 per cent year-on-year first half profit increase to CNY199.3 million (US$29.1 million), drawn on revenues of CNY274.3 million, up 65.2 per cent.

In August, CNLP and LaSalle Investment Management Asia entered into an agreement to invest up to US$300 million in operating logistics warehousing projects in China.

The company has also granted certain pre-emptive rights to LaSalle in relation to certain of its existing logistics assets and developments.

Driven by increasing demand from tenants in e-commerce and third-party logistics providers, major logistics market demand has been strong, said CNLP.

The group benefited from growing demand for logistics services, driving the steady growth in rental prices. As of June 30, the company held 138 logistics facilities in 29 logistics parks in 14 provinces or centrally administered municipalities.

The group has 3.5 million square metres of gross floor area (GFA) in logistics parks under construction and operation and 3.6 million square metres of GFA of land reserve.

Said CNLP chairman and president Li Shifa: "In the second half of 2018, we will accelerate tenancy occupation cycle, optimise our tenant portfolio, diversify sources of capital and lower costs of capital.

"Going forward, we will continue to work towards our vision - developing into the largest provider of premium logistics facilities in China and maintaining our leading position," Mr Li said.

31 Aug , 2018 - Maersk uses CargoSphere's platform to automatically notify customers of rates

DENMARK's Maersk Line had adopted CargoSphere's online platform to fully automate the distribution of its contract rates and amendments.

Through the deployment of CargoSphere's electronic Smart Upload and Diagnostics Solution (eSUDS) and CargoSphere Rate Mesh, the carrier is able to digitally send out its rates to shippers, freight forwarders and non-vessel-operating common carrier (NVOCC) customers, reported American Shipper.

Benefits for customers include time and cost savings, improved data accuracy, online access to timely rates, faster reconciliation of invoices and quicker quoting to customers for freight forwarders and NVOCCs, CargoSphere said.

"This move is part of the Maersk Line digital transformation and helps us to offer advanced, industry-leading digital solutions that improve the customer experience," said the carrier's global head of e-commerce Carsten Frank Olsen. "Our customers require a faster and simpler way to manage freight rates and CargoSphere is delivering the advanced technology to achieve this."

20 Aug , 2018 - South Korea seeks to form railway community like coal deal that set up EU

SOUTH Korean President Moon Jae-in has proposed an "East Asian Railroad Community" that includes the US and North Korea, comparing it to the alliance that set up a coal and steel community that led to the European Union.

President Moon, who plans to visit Pyongyang next month for his third summit this year with Kim Jong Un, said that the new economic community would connect his country's railways to those of other northeast Asian nations, reported Bloomberg.

"The community will expand the horizon of the Korean economy to the northern part of the continent and become the main artery of mutual prosperity in Northeast Asia," Mr Moon said, adding that the group could lead to similar energy and economic groupings. "It will initiate a Northeast Asian multilateral peace and security system."

President Moon has championed efforts to bring peace to the Korean Peninsula since taking office last year, and played a crucial role in bringing President Kim and US President Donald Trump together for their historic first summit in June. Since then, little progress has been made in getting North Korea to commit to a specific timetable to give up its nuclear weapons.

Kim's regime has advocated a phased approach in which the US would grant North Korea a peace deal and other security guarantees in concert with its own disarmament steps.

13 Aug , 2018 - Singapore settles on Wilhelmsen as a maritime partner for drone delivery

WILHELMSEN Ships Service (WSS) has been selected to help develop the future Unmanned Aircraft Systems (UAS) regulatory framework for Singapore and will receive dedicated funding for their shore-to-ship delivery project, the Civil Aviation Authority of Singapore (CAAS) has announced.

CAAS made the announcement at its recent Aviation Community Reception at which it transpired that WSS was one of only four companies to have received the funding, following a Call-For-Proposal (CFP) by CAAS and the Ministry of Transport.

The CFP aims to support the development of systems and technologies to enable innovations within the wide-ranging use of UAS. The maximum funding available for each project is S$1.5 million (US$1.09 million), or up to 50 per cent of the total project qualified costs.

Outlining the potential development of UAS for shore-to-ship deliveries, the winning proposal from Wilhelmsen Ships Service highlighted how UAS delivery could improve safety, productivity and efficiency.

With a quicker response rate and turnaround time compared to traditional launch boat deliveries, Wilhelmsen believes delivery by UAS has the potential to lower shore-to- ship delivery costs by up to 90 per cent , as well as removing the safety risks inherent with delivery via launch boat.

06 Aug , 2018 - Singapore's PSA acquires majority stake in Canadian shipping terminal

SINGAPORE's port terminal operator, PSA International Pte Ltd, is expanding its global footprint after inking an agreement to acquire 60 per cent of Ashcroft Terminal, a 320-acre transload and storage terminal in British Columbia, Canada, located 300 kilometres from the port of Vancouver.

PSA said a Canadian subsidiary will purchase the majority stake in the privately owned inland port facility that is served by both Canadian National (CN) Railway and Canadian Pacific Railway. These class 1 railroad lines transport import and export cargo to and from the port of Vancouver, across Canada and as far as Chicago and other North American markets.

PSA group CEO Tan Chong Meng said: "Ashcroft Terminal is PSA's first foray into Canada and offers us an entry point into the hinterland supply chain for the North American market, as well as an opportunity to increase our capabilities in intermodal and inland container depot (ICD) operations.

"The terminal's strategic location allows us to establish a common user ICD and provide greater options to cargo owners and consignees. We will partner with shipping lines, rail operators and trucking companies to implement a more robust, efficient and cost-effective supply chain solution to serve the needs of major exporters in western Canada."

Ashcroft currently services natural resource industries, including agriculture, mining, forestry and oil and gas by providing transloading, fleet management, railcar storage and logistics solutions, reported American Shipper.

Ashcroft plans to invest CAD28 million (US$21.4 million) to strengthen its inland port and container handling capabilities and the terminal is slated to receive a new rail link to the CN main line, additional rail track of existing infrastructure, an internal road system and a multi-commodity storage facility.

It said: "Transport Canada, through the National Trade Corridors Fund, will provide a grant of up to CAD9.2 million representing one-third of the cost of the project."

30 Jul, 2018 - Nigeria bans Maersk and Cosco, but its impact is clouded in confusion

THE Nigerian Ports Authority (NPA) has forbidden Maersk and Cosco to operate, alleging that the chaotic congestion at Lagos is caused by carriers' refusal to comply with an NPA directive to open off-dock yards for empties, and not by the intermittent truck strikes, the shipping lines say are responsible.

Yet the situation is unclear, as there are reports that NPA has rescinded its Maersk-Cosco ban, or that officials on the ground are not enforcing it as protests rise from all quarters as congestion mounts, reports the Nigeria Guardian.

The NPA had suspended local operations of Maersk, Cosco Shipping, APS and Lansal at the Port of Lagos from July 14 saying the lines had failed to comply with a directive to provide holding bays for their empties, reports Colchester's Seatrade Maritime News.

Maersk Nigeria said it had fully complied. "It is misguiding for NPA to suspend Maersk Nigeria for failing to acquire and operate holding bays for empty containers, as Maersk operates four holding bays within the Lagos environ with a storage capacity of 8,150 TEU," reported the Nigeria Guardian.

Cosco Shipping stated that it had complied with all local regulations. "We have always kept in close communication with local authorities. Contact with local authorities has confirmed that all of our vessels calling Nigerian ports are operating as scheduled," the Chinese company said.

"Cocso Shipping Lines has encountered low terminal operation efficiency due to truck driver strikes. We are paying close attention to the progress of these strikes and will issue relevant notifications for any necessary updates," said Cosco.

23 Jul, 2018 - CMA CGM takes 10pc stake in CSP Zeebrugge Terminal from Cosco

FRENCH shipping giant CMA CGM has announced the acquisition from China Shipping Ports Development (Cosco Shipping Ports) of 10 per cent in CSP Zeebrugge Terminal through its wholly-owned subsidiary CMA Terminals.

CMA CGM is currently the major client of CSP Zeebrugge and accounted for one third of the total throughput of the terminal in 2017. "The strategic partnership between CMA CGM and Cosco Shipping Ports should foster the development of CSP Zeebrugge into a major hub port in Northwest Europe," said the CMA CGM statement.

Cosco Shipping Ports completed the acquisition of the remaining 76 per cent equity interest in CSP Zeebrugge terminal in November 2017 and made it a wholly-owned subsidiary.

The Port of Zeebrugge enjoys a strategic geographic position in Europe and is a transportation hub for traffic everywhere in the world, CMA CGM said.

Zeebrugge is connected to other European countries through road and rail connections, offering the CMA CGM customers many opportunities, the company said.

Said CMA CGM executive officer Farid Salem: "This investment is in line with the group's global strategy and will strengthen CMA CGM's position in the deep-sea container trades."

16 Jul, 2018 - US envoy: WTO no place to settle trade dispute with China

US ambassador Dennis Shea told a World Trade Organisation meeting that China's unfair trade policies are too big for the WTO to handle.

Washington is threatening 10 per cent tariffs on US$200 billion of Chinese goods. In response, Beijing accused the United States of bullying and said it would complain to the WTO, reported Reuters.

"Given China's very large and growing role in international trade, and the serious harm that China's state-led, mercantilist approach to trade and investment causes to China's trading partners, this reckoning can no longer be put off," said Mr Shea.

"It is clear, moreover, that the WTO currently does not offer all of the tools necessary to remedy this situation," Mr Shea told the two-yearly WTO review of China's trade policies.

Under President Donald Trump, the US has called for that the WTO's dispute system to be changed to prevent the United States from receiving what he regards as an "unfair deal".

To back up his demands, Mr Trump has blocked appointments to the WTO's appeals chamber to replace judges as their terms expire. Unless he relents, the world's trade dispute system will be unable to operate by the end of 2019 or sooner.

Vice Commerce Minister Wang Shouwen defended China's record at the meeting and acknowledged the severe challenges facing the WTO, according to a Geneva trade official.

Speaking before Mr Shea, he called on all WTO members to stand up to bullying, protectionism and unilateralism, and urged them to tackle the systemic threats posed by Mr Trump's tariffs on steel, aluminum and cars, as well as his tariffs directed solely at China.

Mr Shea said the Chinese state's role in the economy had increased. He said foreign firms doing business in China or competing with Chinese rivals faced deeper and broader obstacles, and added that Beijing was providing "massive, market-distorting subsidies" and "skewing the playing field... in a myriad of ways."

The WTO's dispute system focused narrowly on specific policies and could not deal with a broader situation where state-led policies prevailed over market forces. New WTO rules were unlikely to be negotiated to deal with the situation and would in any case take too long.

09 Jul, 2018 - HMM launches 11,000-TEUer - biggest ship with scrubber

HYUNDAI Merchant Marine (HMM), Korea's largest shipping firm, has launched the 11,000-TEU HMM Promise at a ceremony in Busan, the biggest ship with a SOx scrubber, reports Seoul's Pulse.

The scrubber system was retrofitted to the ship after it was delivered to HMM last August from Subic-based Korean shipbuilder Hanjin Heavy Industries & Construction in the Philippines.

The move was made to comply with global environment protection standards that take effect on January 1, 2020.

"The HMM Promise is the world's first commercially operating ship of more than 11,000 TEU equipped with a large scrubber," said an HMM official.

The ship also represents the first large containership delivered to HMM after its ownership was shifted into the hands of state-run Korea Development Bank in August 2016.

HMM's containership capacity is now about 410,000 TEU, one-tenth of the world`s largest container shipping company, Maersk Line.

The HMM Promise will serve east coast South America, while the HMM Blessing, its twin from the same shipyard, will serve the west coast of South America, when it is launched this week.

03 Jul, 2018 - Cosco-OOCL deal gets green light from Chinese antitrust agency

COSCO Shipping Holdings announced that antitrust authorities in China have agreed to allow its acquisition of the parent company of Orient Overseas Container Line (OOCL) to move forward, which will make the combined companies the world's third-largest container carrier.

Cosco's partner in the acquisition is a subsidiary of Shanghai International Port Group, which will take a 9.9 per cent stake in OOCL's parent, Orient Overseas International Ltd (OOIL).

In a brief announcement submitted to the Hong Kong Stock Exchange last Friday, Cosco said China's Anti-Monopoly Bureau of the State Administration for Market Regulation had chosen not to prohibit its offer for OOIL. The decision by Chinese officials came one day before the June 30 deadline set forth in the original announcement of the proposed acquisition.

Previously the companies said they had received approval from European and US competition authorities, and it was unclear why Chinese officials had waited till the 11th hour to make their ruling.

Their approval was one of the preconditions the companies said had to be met before the deal could move forward when it was announced nearly a year ago on July 7, 2017. When announced, the deal was valued at about HKD49.2 billion (US $6.3 billion).

Friday's announcement said a "composite document" giving the full terms and details of the offer will be issued within seven days.

The announcement was silent on the future of OOIL's Long Beach Container Terminal, one of the most automated container terminals in the United States. The acquisition of the terminal is reportedly being reviewed by the US Committee on Foreign Investment in the United States.

A report in the Wall Street Journal had earlier said Cosco has offered to put the terminal into a "US-run trust to allay US national security concerns about Chinese ownership of the facility."

30 Jun, 2018 - South Korean shipbuilders face challenge to meet annual order targets

SOUTH Korea's three major shipbuilders are facing an uphill battle to reach their new order targets for this year, according to Seoul's BusinessKorea.

Hyundai Heavy Industries (HHI), together with its two sister companies, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries, have received US$5.6 billion worth of new orders so far this year, about 38 per cent of its target for 2018, which is set at $14.8 billion.

Daewoo Shipbuilding & Marine Engineering (DSME) posted $3.2 billion in new order receipts as of June 26, attaining 44 per cent of its annual target of $7.3 billion. Samsung Heavy Industries (SHI) has won new orders totalling $2.3 billion thus far, which amounted to 28 per cent of its annual order target.

HHI has booked orders for 33 oil tankers, 19 container ships, 15 gas tankers and two others so far. The company has not won any order for a liquefied natural gas (LNG) carrier, which is the most expensive type of vessel.

SHI has received orders for five LNG tankers, eight containerships and 11 oil tankers. DSME has landed orders for 26 ships, ten of which are LNG tankers. In terms of order quality, DSME stands out among the three.

DSME also leads its two rivals in terms of the ratio of the orders received to the annual goal. The gaps between DSME and the remaining two companies will widen further when Hyundai Merchant Marine (HMM) sign contracts with the three for vessels ordered earlier this month. HMM has agreed to place an order for seven 23,000-TEU vessels with DSME and five 23,000-TEU vessels with Samsung Heavy Industries. HHI will be awarded an order for eight 14,000-TEU vessels.

The three Korean shipbuilders are keen to win offshore plant orders in the second half of this year. Currently, they are competing to land an order for the Chevron Rose Bank, which is expected to be placed this year. The three Korean shipbuilders and a Singapore company are in competition and the bidding process has been completed and the four companies are waiting for the client's decision.

25 Jun, 2018 - Hong Kong fears US-China trade war will hurt trade volumes

SECRETARY for Commerce and Economic Development Edward Yau says Hong Kong is worried about the worsening trade row between China and the US given that 17 per cent, or HKD60 billion (US$7.6 billion) worth of Chinese exports in question passed through the city to the US, and nine per cent, or HKD6 billion, of US exports were transshipped via the city to mainland China.

"We are worried about the worsening Sino-US trade dispute and it is a pity to see that the goodwill the two countries built over the years is being lost," Mr Yau told the SCMP in a phone interview from Paris, France while on a business tour with Chief Executive Carrie Lam.

"We fear that the trade war will become an irreversible step as each side only cares about its own interests," he said.

Hong Kong also faced an "unquantifiable impact from the spillover" of the dispute between the US and Europe, which could lead to trade being diverted from Hong Kong, he said.

Beijing and Washington are ensnared in a tit-for-tat trade row, with China on June 19 vowing to use quantitative and qualitative measures to retaliate if US President Donald Trump's threat to impose a 10 per cent punitive tariff on US$200 billion worth of Chinese products went into effect.

Following Mr Trump's announcement on June 15 to impose 25 per cent tariffs on $50 billion worth of Chinese imports, Beijing responded by publishing a list of US products - ranging from soybeans to cars - that it would subject to retaliatory measures of the "same scale and intensity." Beijing calculated that the value of US product imports last year was $154 billion.

"Hong Kong can withstand the tariff tsunami if it continues to develop its regional relationships and Greater Bay Area and advancing on IT development," said American Chamber of Commerce in Hong Kong president Tara Joseph, referring to Beijing's plan to develop Hong Kong, Macau and nine cities in Guangdong into a new economic zone and IT-led powerhouse rivalling Silicon Valley in the US.

According to the Hong Kong government's trade figures, Asean became the city's second largest trade partner after mainland China last year in total trade. The Association of Southeast Asian Nations is an economic bloc comprising Indonesia, Malaysia, Singapore, the Philippines, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam.

Federation of Hong Kong Industries chairman Jimmy Kwok said Hong Kong companies in the re-export and transshipment business would be hit hardest.

"The trade war has spread to food such as meat and fish, which to some extent will put them in trouble," Mr Kwok said.

19 Jun, 2018 - Asia-Oz joint service boosts Evergreen offering

TAIWAN's Evergreen is expanding its container transport choices for customers between Asia and Australia by teaming up with Hyundai Merchant Marine (HMM) and APL to provide a new weekly Central & South China-Australia Express (CAE) service.

Five classic panamax ships with capacities averaging 4,600 TEU will be deployed on the new service, two will be operated by Evergreen Line and the remaining three by HMM and APL.

The first sailing is scheduled around mid-August, with regular port calls at Ningbo, Shanghai, Shenzhen-Yantian, Sydney, Melbourne and Brisbane.

CAE will augment the line's two weekly services (NEAX and CAT) that call at ports in China, Japan, Korea, Taiwan and Australia.

The expansion in service offerings is in response to the increasing trade demand on the route. Australia's economy is reported to have entered stable growth.

The rising population, mainly from robust immigration, has not only promoted the expansion of the consumer and housing markets, but also the development of public infrastructure - all stimulating cargo demand on this trade.

In addition to strengthening the current Asia-Australia network coverage, the expanded capacity also provides shippers with more reliable service. Evergreen Line has long cultivated the Australian shipping market, establishing Evergreen Shipping Agency (Australia) Pty Ltd in 2002.

From its base of three offices located at Sydney, Melbourne and Brisbane, the line will continue to assist shippers to enhance their market competitiveness in the region.

11 Jun, 2018 - British cabinet supports plans for 3rd runway at Heathrow

THE UK government has supported plans to build a third runway at London Heathrow Airport. The UK Cabinet's economic sub-committee approved the plans before the proposals were backed by the full cabinet.

The UK Secretary of State for Transport Chris Grayling said: "A successful, thriving aviation sector is critical to our ability as a nation to succeed, which is why we are developing a strategy to help it grow in a sustainable way."

Members of parliament (MPs) of all parties will be asked to vote on the plans in the coming weeks, reported London's Air Cargo News.

The news was cautiously welcomed by freight forwarders, with British International Freight Association (BIFA) director general Robert Keen expressing hope that the "news is the beginning of the end of years of procrastination over the expansion of UK aviation capacity.

"If that is the case, it is long overdue good news for our 1,500 member companies who have been dismayed over the ongoing delay on such a huge issue.

"However, we understand that MPs will now be asked to vote on the issue in the coming weeks and, given the track record of parliament on this issue over the last 20 years, uncertainties remain.

"Whilst the UK Transport Secretary Chris Grayling has previously hinted at an expedited planning procedure, with no reopening of high level arguments, the inevitable legal challenges and the convoluted planning processes that are also likely, lead me to wonder whether any expansion will be completed by the time that UK aviation capacity is predicted to run out in 2025.

"I hope I am proved wrong, but I won't be booking a ticket for the opening ceremony just yet."

Heathrow chief executive John Holland Kaye said: "Together with our supporters across the country, we urge all MPs to vote for expansion.

"Their votes will connect all of Britain to global trade, increase competition and choice for passengers and create tens of thousands of new skilled jobs for future generations. The world is waiting for Britain. It's time to vote for Heathrow expansion."

The UK's Freight Transport Association also called on parliament to vote in favour of the plan.

"British exporters and importers rely on the global network of passenger flights at Heathrow which carry British goods in their holds, to provide access to markets outside Europe," said FTA's deputy chief executive James Hookham.

"If Britain is to diversify its economy away from European trade after Brexit, business will need increased capacity at the country's main cargo hub - Heathrow - and the timing of the announcement will strengthen the nation's attractiveness to potential trading partners.

"MPs now need to ensure that the decision can be ratified in the next 21 days for the good of British business.

"Currently, air freight represents around 40 per cent by value of the UK's imports and exports and its importance can only increase as the UK looks to replace European trading opportunities with economies further afield after Brexit."

04 Jun, 2018 - China customs require extra data for advanced cargo filings from June 1

CHINA's General Administration of Customs (GACC) has revised the information to be collected to perform advance cargo filings for imports and exports from June 1 by seeking additional data for inbound and outbound air and sea freight.

US logistics operator Expeditors explained in a notice to customers that the new GACC requirements aim to "enhance the control over inbound/outbound vessels, aircrafts and the goods thereon by means of data declaration."

The additional data required includes: the consignor's contact number, name, enterprise registration code or unified social credit code; consignee contact number, name, enterprise registration code or unified social credit code; notifier contact number, name, registration code or unified social credit code; and a complete and accurate description of the goods.

Manifest data must be transmitted to the GACC prior to arrival or departure within the timeframes prescribed for the mode of transportation, reported London's Air Cargo News.

In a previous customer alert, Air Canada advised that from June 1 it will be mandatory to include the shipper code and contact identifier on the master airway bill (AWB) and house AWB for all shipments destined to or transiting through China.

"The shipper code corresponds to a number that varies per country (in Canada for example, it is the corporation number). The shipper code must be indicated on the source document (on the OCI line of the AWB). Air Canada Cargo cannot verify the validity and authenticity of shipper codes. Please ensure all data is true and correct to avoid delays or penalties," the airline said.

28 May, 2018 - Ukraine International signs ECS as GSSA as it flies to India

UKRAINE International Airlines (UIA) has contracted ECS Globe Air Cargo India as its general sales and service agent (GSSA) as it makes it first moves in the Indian cargo market.

ECS Globe Air Cargo India expects to handle 2,000 tonnes of cargo per year for the airline, mainly in pharmaceuticals, leather goods, chemicals and machinery, reported New York's Air Cargo World.

UIA has been working with ECS's Indian branch since May 1, when the airline launched three direct flights per week between Kiev Boryspil Airport (KBP) and Delhi's Indira Gandhi International Airport (DEL) on its 767-300 aircraft. A fourth frequency will be added in June.

"The flights from Delhi are scheduled so as to provide nonstop service and convenient connections with the UIA flights to the cities of Ukraine and Europe at Kiev Boryspil International Airport," said UIA cargo chief Peter Kukharchuk.

21 May, 2018 - Hyundai and PSA buy remaining Busan terminal from PE firm

HYUNDAI Merchant Marine (HMM) and Singapore's PSA International have secured complete ownership of a Port of Busan terminal, reports London's Port Technology International.

Both Korean shipping giant HMM and global port operator PSA will each hold a 50 per cent in the terminal after purchasing the remaining shares from a Korean venture capital firm IMM Investment in a deal on May 15.

Due to the new ownership, the terminal has changed its name from Hyundai Pusan New-Port Terminal to Korea Shipping Partnership Pusan Newport Terminal.

HMM fronted a majority of the final investment with PSA to take joint ownership, securing 40 per cent of the remaining shares in order to lower its cargo handling costs.

PSA took 10 per cent of IMM Investment's stake. HMM's stake decreased to 10 per cent in 2016 after it sold shares due to mounting debts.

14 May, 2018 - Lufthansa Cargo to receive 2 new Boeing 777 freighters in 2019

DEUTSCHE Lufthansa has ordered two Boeing 777 freighters for Lufthansa Cargo. The aircraft are scheduled for delivery in February and March 2019.

The carrier currently has a cargo fleet of five B777Fs and 12 MD-11Fs, reported London's Air Cargo News.

"The Boeing 777F is not only the world's most powerful, efficient and environmentally friendly freighter, it is also a visible sign of our modernisation strategy," said Lufthansa Cargo chief executive Peter Gerber.

With a full payload of 103 tonnes, the B777F is able to stay in the air for 10.5 hours. It covers a distance of 9,000 kilometres non-stop.

Lufthansa Cargo added: "Further projects to drive forward the modernisation of the airline are already being implemented. For example, the infrastructure at the hub in Frankfurt is being modernised substantially, and a new CoolCenter is under investment at the hub in Munich. The freight crane is also advancing the digitisation of the entire process chain.

07 May, 2018 - Capital Product Partners wins new charters with higher daily rates

GREEK owner Capital Product Partners (CPP) has won new time charter contracts for two boxships and sealed an extension for one of its tankers.

Swiss shipping liner MSC has taken 2006-built 8,266 TEU containership Archimidis on charter for two years at US$18,000 per day. The charter starts at the end of May after the vessel comes off charter to Singapore's PIL who were paying just $8,250 per day.

However, PIL has extended the charter of 2007-built 8,266 TEU containership Agamemnon for an additional eleven to thirteen months at a daily rate of $20,000. The extension commences during May, and at a rate significantly higher than the $8,250 PIL was previously paying for the vessel, reports Singapore's Splash 247.

The company has also chartered the 2015-built chemical/product tanker Active to Stena Bulk for a minimum of two to a maximum of twelve months at a rate ranging between $15,000 and $16,000 per day. The charter will commence late May 2018 after the vessel comes off a short-term charter to Louis Dreyfus Company Suisse, who were paying $13,000 per day for the vessel.

CPP last week posted its first quarter results, with revenues of $53.9 million resulting in a net income of $5.3 million.

02 May, 2018 - China, Russia, Saudi give EU trade reforms hard time at WTO

THE European Union's new rules against countries dumping cheap goods on its market got a rough ride at a World Trade Organisation meeting with China, Russia and Saudi Arabia disapproving.

The EU, which is in a major dispute with China about the fairness of Chinese pricing, introduced rules last December that allow it to take into account "significant distortions" in prices caused by government intervention.

A Chinese trade official told the WTO's anti-dumping committee that Beijing had deep concerns about the new methodology, saying it would damage the WTO's anti-dumping system and increase uncertainty for exporters, an official who attended the meeting said.

China argued that the concept of "significant distortion" did not exist under WTO rules, and the EU should base its dumping investigations on domestic prices in countries of origin, such as China.

The EU reformed its rules in the hope they would allow it to keep shielding its markets from cheap Chinese imports while fending off a Chinese legal challenge at the WTO.

China says that when it joined the WTO in 2001, the other member countries agreed that after 15 years they would treat it as a market economy, taking its prices at face value.

But the United States and the EU have refused, saying China still subsidises some industries, such as steel and aluminum, which have massive overcapacity and spew vast supplies onto the world market, making it impossible for others to compete.

China is suing both the United States and the EU at the WTO to try to force them to change their rules.

23 Apr, 2018 - HIT collaborates with vocational school to nurture young talent

HONGKONG International Terminals Limited (HIT) says it is honoured to be the founding industrial partner of Vocational Training Council's (VTC) Industry Partner Collaboration Scheme for their STEM Education Centre.

HIT and VTC will jointly develop a Virtual Reality (VR) programme specially designed for container terminal, said the company statement.

This can provide an overview of the port operations and arouse the learning interest of our younger generations in this industry.

Copyright © 2011 Dynasty Shipping Limited. All rights reserved.